Resolved to buy a 355 - Financing Advice?

The guy I bought my 355 from had it financed through premier on the east coast. Though, I think they will do any state.

http://www.premierfinancialservices.com/

 

I was worried about the maint. too and insurance...i posted a topic about that..and everyone gave in their 2cents and helped me out a lot...Insurance isnt bad at ALL and as long as we get a 355 that has been serviced and well maintained etc and a full PPI done,should be fine..So im sure you will get some help soon..as far as financing im not sure about that..how much do you want to put down on one?

 

Check your local credit union. They offer the best rates and if a car is over 50k, they dont care how old it is and they will let you go a longer term if u feel like it.

 

I'm a banker and my experience is that consumer loans are priced best at credit unions. These days, about any schmoe can belong to one, so shop around. Ask some friends about theirs. Heck, you'll have a harder time finding insurance for your baby than a great auto loan.

Insurance - AAA won't cover u, Haggerty is finicky (they would not take me because I didn't have a more recent model of any car), Liberty Mutual took me (but u have to be a customer already), GEICO covered a client of mine, State Farm won't unless they changed their policy and that's all I checked. You will be restricted to low mileage 7500 per year at the most, 2500 generally limited to club events if u take the least costly, and your deductible will be $1000 so plan accordingly. Does anyone have lower? You can go with stated value most of the time since insurers don't know what the cars are worth. Be realistic because the premium is dependent. Figure about $1100 per year depending where u live (that's for a nice Los Angeles neighborhood) Oh, and it's a good idea to get a $1 million (or greater) liability policy on top of it in case u get sued because u have a Ferrari.

 

We interrupt this thread to bring you this hijack:

Are you bloody serious, $10K in maintenance on an S500?

 

Very clever response BTW.

If it was a 2000, that's entirely possible! They were maintenance animals for that 1st year's model.

I can't believe after the S500 1st year fiasco that anyone would now buy the 1st year of the S550 especially with the BMW like iDrive system I so very much dislike on my 530i!

For financing you should be talking with a local funder.

If not you could try Chase Auto Finance. They are in Phoenix. They are very good but may only finance through dealers.

Premier was mentioned, but that's a lease company.

If you Google "Auto Financing" you'll find tons of them.

Your FICO best be good, because in this market funders are being more cautious.

 

I financed a 348 with zero down at a local credit union @ 6 percent interest, 60 months. The local banks were anywhere from 2 to 3 points higher. Doesn't sound like much, but that's anywhere from 30 to 50% higher interest. They would have gone 72 months had I preferred.

If your idea is to preserve your cash pile, you might as well finance every penny.

 

Just FWIW, Capital One financed my 328 with no questions via their "Blank Check" program.

 

If you have a home with good equity, look at a HELOC. Rates are great (if fixed) and the interest then becomes tax deductible.... Also makes your insurance cheaper as technically the car is not financed.

 

FWIW, the gentleman who bought my '96 Porsche did the same with Capital One - no problems with the age of the car.

 

I wouldnt buy any mercedes thats not under warranty now days. My brother had a MY00 S500 and had a battery explode in the trunk, nav go out, many window switch problems, but luckily he bought it new and it was under warranty. What a piece of crap quality wise.

 

How was this not included in the warrantee?

 

I was kind of wondering the same thing considering he said it was a 2002 and mercedes comes with a 4 year or 50k mile warranty.

 

Concerning insurance...when I checked into it about 2 months ago I got this from State Farm: '98 F355 Berlinetta, no drivers under 25yrs (I'm 45yrs), under 7500 miles/year, full coverage w/ $1000 deduct for comp & collision, very clean driving record (no wrecks or tickets in over 12 yrs)...quoted $397/6 months.

 

Dumb ass!!!!!

 

Whoa... I'd never pass up a Starmark warranty. My stupid E420 ate repair bills like nobody's business. Ferrari repair doesn't hold a candle to Mercedes.

 

My pops always said "Pay cash for your toys and you'll never be disappointed". I live by that rule, and life is grand!

 

Yeah, but your Pop's rule may not fit every circumstance. I much prefer to finance these kinds of things...it just doesn't make cents to me to tie up $50 to $100 grand in the garage when someone will shoulder that for a mere 6%. It's a bargain in my book.

To each his own.

 

Agreed, however I have trouble getting my head around the fact that people are willing to set themselves up to pay a 5,6,7,8% premium on a depreciating asset that is already in the near six figures and in some cases well into the six figures. Just my 2pennies.